I need 7.01-11.14

Form Font Alignment 15 Number B D 1 J K E F G H I See The Light Projected Income Statement For the Period Ending December 31, 20x1 $ 1.125,000.00 723,250.00 $ 401,750.00 Sales 25,000 lamps @ $45.00 Cost of Goods Sold @ $28.93 Gross Profit Selling Expenses Fixed Variable (Commission per unit) @ $3.15 Administrative Expenses Total Selling and Administrative Expenses: Net Profit $ 23,000.00 78.750.00 $ 101,750.00 41.250 00 143 000.00 $ 258.750.00 I See The Light Projected Balance Sheet As of December 31, 20x1 E H G I See The Light Projected Balance Sheet As of December 31, 20x1 $ 34,710.00 67,500.00 Current Assets Cash Accounts Receivable Inventory Raw Material Figurines Electrical Sets Work in Process Finished Goods Total Current Assets 4,600 00 625.00 500 @ $9.20 500 @ $1.25 0 3000 ######## 86.775.00 $20,000.00 6,800.00 Fixed issels Equipment Accumulated Depreciation Total Fixed Assets Total Assets 13,200.00 $ 207 410.00 $ 54,000.00 Current Liabilities Accounts Payable Total Liabilities Stockholder's Equity Common Stock Petained Earnings Total Stockholder's Equity Total Liabilities and Stockholder's Equity $ 12,000.00 141.410.00 153 410.00 $ 207.410.00 Variable Manufacturing Unit Cost 20x1 Cost Projected Percent Increase 4.50% 20x2 Cost Rounded to 7 Decimal Places 9.2 1.25 4.50% 6 4.50% Figurines Electrical Sets Lamp Shade Labor Variable Overhead $9.6140000 $13062500 $6.2700000 $2.3737500 50.2317500 2.25 5.50% 3% 0.225 $19.7957500 Projected Variable Manufacturing Cost Per Unit Total Variable Cost Per Unit 20x1 Cost Projected Percent Increase 20x2 Cost Rounded to 7 Decimal Places 3.2130000 1407 8 9 Variable Seling 9 Variable Administrative 20x1 Variable Administrative 20x2 0.0300000 0.03135004093 47 Projected Variable Manufacturing Unit Cost 48 Projected Total Variable Cost Per Unit 23.0401000 4.107 50 CE Schedule of Fixed Costs 20x1 Cost Projected Increase 20x2 Cost Rounded to 2 Decimal Places S 300,000.00 250000 20% lamps @ $ 27,000.00 40.500.00 S s 58,500.00 414) 385.500.00 4.15 Fixed Overhead Inormal capacity of Fixed Selling Fixed Administrative 20x1 Fored Administrative 20x2 Projected Total Fixed Costs 3 3 4 5 E 17 Keep in mind that the budget section builds on work from the previous parts, including Part 1 as well as the Background Information (tabs 1-4). You should continue to use the same file with your previously submitted answers. 6 7 8. Division N has decided to develop its budget based upon projected sales of 41,000 lamps at 16 $46.00 per lamp 17 The company has requested that you prepare a master budget for the year. This budget is to be used 18 for planning and control of operations and should be composed of. 19 20 1. Production Budget 28 29 2. Materials Budget 30 31 3. Direct Labor Budget 40 4. Factory Overhead Budget 42 5. Selling and Administrative Budget 43 44 6. Cost of Goods Sold Budget 52 53 7 Budgeted Income Statement 568 Cash Budget 8 10 11 7 8 FAQ 1 Introduction 2 5 The company wants to maintain the same number of units in the beginning and ending inventories of work-in-process, and electrical parts while increasing the figurines inventory to 575 pieces and increasing the finished goods by 23.00% Complete the following budgets 1 Production Budget Planned Sales Desired Ending Inventory of Finished Goods (roundup to the next unit) Total Needed Less Beginning Inventory {7.01) Total Production 30 1 32 03 04 12 13 2 Materials Budget {8.01) {8.02) Figunnes Needed for Production Desired Ending Inventory Total Needed Less: Beginning Inventory Total Purchases Cost per piece Cost of Purchases (Round to two places, S####) {8.03} {8.04 {8.05) {8.06) Electrical Parts Needed for Production Desired Ending Inventory Total Needed Less: Beginning Inventory Total Purchases Cost per piece Cost of Purchases (Round to two places, S####) {8.07} 5 Selling and Admin Budget Fixed Selling Variable Selling (Round to two places, S####) Fixed Administrative Variable Administrative (Round to two places, $##.##) Total Selling and Administrative (Round to two places, S####) {9.01) Cost of Goods Sold Budget - Assume FIFO (First-In, First-Out) and overhead is applied based on the number of units to be produced, 6 3 Round dollars to seven places, 5 6 7 Cost of making one unit next year Material cost per unit Labor Cost Per Lamp Factory overhead per unit {9.02} 18 19 Total cost of one unit (Round to seven places. S### Round dollars to two places Less: Beginning Inventory Total Purchases Cost per piece Cost of Purchases (Round to two places, $#.##) {8.08) 3 Direct Labor Budget Labor Cost Per Lamp Production Total Labor Cost (Round to two places S####) $ 1.00 {8.09) 4 Factory Overhead Budget {8.10) Variable Factory Overhead: Variable Factory Overhead Cost Per Unit Number of Units to be Produced Total Variable Factory Overhead (Round to two places S## ##) Fixed Factory Overhead 18 19 8 10 9 4 Factory Overhead Budget Variable Factory Overhead: Variable Factory Overhead Cost Per Unit Number of Units to be Produced Total Variable Factory Overhead (Round to two places, S####) Fixed Factory Overhead [8.10) [8.11] Total Factory Overhead (Round to two places. S## ## Predetermined Factory Overhead Rate based upon the budgeted total factory OH, divided by the budgeted number of units to be produced, and then rounded to seven places. S######### {8.12} H Round dollars to two places, $#### {9.03) Beginning Inventory. Finished Goods Production Costs Materials Figurines: Beginning Inventory Purchased Available for Use Ending Inventory of Figurines Figurines Used In Production Electrical Parts Beginning Inventory Purchased Available for Use Ending Inventory of Electrical Parts Electrical Parts Used In Production Lamp Shades Lamp Shades Used In Production Total Materials Labor Overhea Cost of Goods Available Less Ending Inventory, Finished Goods Cost of Goods Sold Introduction FAO 1 2 19.05) 19.06) 19.07] (9.08) 19.09) 19.10) 19.11 19.12) 19 20 10 11 18 3 5 6 | 7 7 Budgeted Income Statement Sales Cost of Goods Sold Gross Profit Selling Expenses & Admin Expenses Net Operating Income |{10.01) 29 30 31 8 Cash Budget 32 33 Assume actual cash receipts and disbursements will follow the pattern below: (Note: Receivables and 40 Payables of 12/31/x1 will have a cash impact in 20x2.) 42 1. 24.00% of sales for the year are made in November and December. Since our customers have 60 day terms 43 those funds will be collected be collected in January and February 44 2 85.00% of material purchases will be paid during the year, the remaining portion will be paid in Januay or February 51 3. All other manufacturing and operating costs are paid for when incurred. 52 4. The budgeted depreciation expense is equal to 0.6% of the fixed manufacturing, selling and administrative expenses 53 5. Minimum Cash Balance needed for 20x2. $160,000 54 I See The Light 55 Projected Cash Budget 62 For the Year Ending December 31, 20x2 G H BC D E F 1 See The Light Projected Cash Budget For the Year Ending December 31, 20x2 Round dollars to two places. $##.## Beginning Cash Balance Cash Inflows Sales Collections: Account Receivable (Sales last year not collected) Sales made and collected in 20x2 Cash Available |{10.02) {10.03) |(10.04) {10.05) 5 6 7 38 35 96 97 98 99 106 Cash Outflows Purchases Accounts Payable (Purchases last year) Material purchases made and paid for in 20x2 Other Manufacturing Costs Direct Labor Total Manufacturing Overhead Selling and Administrative Less: Depreciation Total Cash Outflows (10.06) (10.07) (1008) 18 Budgeted Cash Balance before financing Introduction FAQ 10 19 20 8 6 2 3 {10.06) Selling and Administrative Less: Depreciation Total Cash Outflows (10.07) (10.08) Budgeted Cash Balance before financing Needed Minimum Balance {10.09) Amount to be borrowed (if any) |{10.10) Budgeted Cash Balance 20x2 Cost Rounded to 7 Decimal Places 9 Variable Cost of making one unit next year - used to calculate the Ending Inventory of Finished Goods Material cost per unit Labor Cost Per Lamp Variable Factory overhead per unit [11.01) Total variable manufacturing cost of one unit 20x2 Cost Rounded 20x2 Cost Rounded to 2 Decimal Places 10 Budgeted Operating Income Using Variable (Direct) Costing Sales [11.02 11.03 Variable Cost of Goods Sold Assume FIFO (First-In, First-Out) Beginning Inventory, Finished Goods (Variable Costing) Production Costs: Materials: Figurines Electrical Parts Lamp Shades Labor Variable Overhead: Total Variable Production Costs Cost of Goods Available For Sale Less: Ending Inventory. Finished Goods (Variable Costing) Variable Cost of Goods Sold Variable Selling (Round to two places, Se##) Variable Administrative (Round to two places $## ## Total Variable Costs Contribution Margin Fixed Costs Fixed Manufacturing Overhead Fixed Selling 6 Introduction FAQ 27 28 29 30 32 33 34 35 36 38 39 40 41 42 [11.04 [11.05 (11.06 [1107) 11 18 20 10 19 4 7 8 9 G {11.07 Contribution Margin Fixed Costs: Fixed Manufacturing Overhead Fixed Selling Fixed Administrative Total Fixed Operating Income, Variable Costing (11.08) (11.09) Operating Income, Absorption Operating Income Variable Costing Excess (Absorption Costing Operating Income - Variable Costing Operating Income) [11.10) Budgeted Fixed Overhead Budgeted Number of Units to be produced Budgeted Fixed Cost Per Unit (Round to 7 decimals ######) {11.12) [11 13) Fixed Manufacturing Overhead in the Ending Inventory Fixed Manufacturing Overhead in the Beginning Inventory Increase (Fixed Manufacturing Overhead in the Ending Inventory-Fixed Manufacturing Overhead in the Beginning Inventory) 4 B D E F G H The projected cost of a lamp is calculated based upon the projected increases or decreases to e current costs. The present costs to manufacture one lamp are: 7. Figurines $9.2000000 per lamp 8 Electrical Sets 1.2500000 per lamp 9 Lamp Shade 6.0000000 per lamp Direct Labor: 2.2500000 per lamp (4 lamps/hr.) Variable Overhead 0.2250000 per lamp Fixed Overhead 10.0000000 per lamp (based on normal capacity of 25.000 lamps) 26 Cost per lamp $28.9250000 per lamp 28 32 Expected increases for 20x2 33 When calculating projected increases round to SEVEN decimal places. $0 0000000 34 35 1. Material Costs are expected to increase by 4.50% 2 Labor Costs are expected to increase by 5 50% 40 41 42 43 44 3. Variable Overhead is expected to increase by 3.00% 4. Fixed Overhead is expected to increase to $300.000 48 49 50 51 52 5. Fixed selling expenses are expected to be $27.000 in 20x2. 6. Variable selling expenses (measured on a per lamp basis) are expected to increase by 2.00% 7. Fixed Administrative expenses are expected to increase by $18,000. The total administrative expenses for 20x0 were $41,205.00, when 23.500 units were sold. Use the High-Low method to calculate the total fixed administrative expense 5 7 8. Variable administrative expenses (measured on a per lamp basis) are expected to increase by 4.50% The total administrative expenses for 20x0 were $41.205 00, when 23,500 units were sold. Use the High-Low method to calculate the variable administrative expense per lamp. 3. On the following schedule develop the following figures. 4 75 1- 20x2 Projected Variable Manufacturing Unit Cost of a lamp 2- 20x2 Projected Variable Unit Cost per lamp. 77 78 3- 20x2 Projected Fixed Costs 80 Form Font Alignment 15 Number B D 1 J K E F G H I See The Light Projected Income Statement For the Period Ending December 31, 20x1 $ 1.125,000.00 723,250.00 $ 401,750.00 Sales 25,000 lamps @ $45.00 Cost of Goods Sold @ $28.93 Gross Profit Selling Expenses Fixed Variable (Commission per unit) @ $3.15 Administrative Expenses Total Selling and Administrative Expenses: Net Profit $ 23,000.00 78.750.00 $ 101,750.00 41.250 00 143 000.00 $ 258.750.00 I See The Light Projected Balance Sheet As of December 31, 20x1 E H G I See The Light Projected Balance Sheet As of December 31, 20x1 $ 34,710.00 67,500.00 Current Assets Cash Accounts Receivable Inventory Raw Material Figurines Electrical Sets Work in Process Finished Goods Total Current Assets 4,600 00 625.00 500 @ $9.20 500 @ $1.25 0 3000 ######## 86.775.00 $20,000.00 6,800.00 Fixed issels Equipment Accumulated Depreciation Total Fixed Assets Total Assets 13,200.00 $ 207 410.00 $ 54,000.00 Current Liabilities Accounts Payable Total Liabilities Stockholder's Equity Common Stock Petained Earnings Total Stockholder's Equity Total Liabilities and Stockholder's Equity $ 12,000.00 141.410.00 153 410.00 $ 207.410.00 Variable Manufacturing Unit Cost 20x1 Cost Projected Percent Increase 4.50% 20x2 Cost Rounded to 7 Decimal Places 9.2 1.25 4.50% 6 4.50% Figurines Electrical Sets Lamp Shade Labor Variable Overhead $9.6140000 $13062500 $6.2700000 $2.3737500 50.2317500 2.25 5.50% 3% 0.225 $19.7957500 Projected Variable Manufacturing Cost Per Unit Total Variable Cost Per Unit 20x1 Cost Projected Percent Increase 20x2 Cost Rounded to 7 Decimal Places 3.2130000 1407 8 9 Variable Seling 9 Variable Administrative 20x1 Variable Administrative 20x2 0.0300000 0.03135004093 47 Projected Variable Manufacturing Unit Cost 48 Projected Total Variable Cost Per Unit 23.0401000 4.107 50 CE Schedule of Fixed Costs 20x1 Cost Projected Increase 20x2 Cost Rounded to 2 Decimal Places S 300,000.00 250000 20% lamps @ $ 27,000.00 40.500.00 S s 58,500.00 414) 385.500.00 4.15 Fixed Overhead Inormal capacity of Fixed Selling Fixed Administrative 20x1 Fored Administrative 20x2 Projected Total Fixed Costs 3 3 4 5 E 17 Keep in mind that the budget section builds on work from the previous parts, including Part 1 as well as the Background Information (tabs 1-4). You should continue to use the same file with your previously submitted answers. 6 7 8. Division N has decided to develop its budget based upon projected sales of 41,000 lamps at 16 $46.00 per lamp 17 The company has requested that you prepare a master budget for the year. This budget is to be used 18 for planning and control of operations and should be composed of. 19 20 1. Production Budget 28 29 2. Materials Budget 30 31 3. Direct Labor Budget 40 4. Factory Overhead Budget 42 5. Selling and Administrative Budget 43 44 6. Cost of Goods Sold Budget 52 53 7 Budgeted Income Statement 568 Cash Budget 8 10 11 7 8 FAQ 1 Introduction 2 5 The company wants to maintain the same number of units in the beginning and ending inventories of work-in-process, and electrical parts while increasing the figurines inventory to 575 pieces and increasing the finished goods by 23.00% Complete the following budgets 1 Production Budget Planned Sales Desired Ending Inventory of Finished Goods (roundup to the next unit) Total Needed Less Beginning Inventory {7.01) Total Production 30 1 32 03 04 12 13 2 Materials Budget {8.01) {8.02) Figunnes Needed for Production Desired Ending Inventory Total Needed Less: Beginning Inventory Total Purchases Cost per piece Cost of Purchases (Round to two places, S####) {8.03} {8.04 {8.05) {8.06) Electrical Parts Needed for Production Desired Ending Inventory Total Needed Less: Beginning Inventory Total Purchases Cost per piece Cost of Purchases (Round to two places, S####) {8.07} 5 Selling and Admin Budget Fixed Selling Variable Selling (Round to two places, S####) Fixed Administrative Variable Administrative (Round to two places, $##.##) Total Selling and Administrative (Round to two places, S####) {9.01) Cost of Goods Sold Budget - Assume FIFO (First-In, First-Out) and overhead is applied based on the number of units to be produced, 6 3 Round dollars to seven places, 5 6 7 Cost of making one unit next year Material cost per unit Labor Cost Per Lamp Factory overhead per unit {9.02} 18 19 Total cost of one unit (Round to seven places. S### Round dollars to two places Less: Beginning Inventory Total Purchases Cost per piece Cost of Purchases (Round to two places, $#.##) {8.08) 3 Direct Labor Budget Labor Cost Per Lamp Production Total Labor Cost (Round to two places S####) $ 1.00 {8.09) 4 Factory Overhead Budget {8.10) Variable Factory Overhead: Variable Factory Overhead Cost Per Unit Number of Units to be Produced Total Variable Factory Overhead (Round to two places S## ##) Fixed Factory Overhead 18 19 8 10 9 4 Factory Overhead Budget Variable Factory Overhead: Variable Factory Overhead Cost Per Unit Number of Units to be Produced Total Variable Factory Overhead (Round to two places, S####) Fixed Factory Overhead [8.10) [8.11] Total Factory Overhead (Round to two places. S## ## Predetermined Factory Overhead Rate based upon the budgeted total factory OH, divided by the budgeted number of units to be produced, and then rounded to seven places. S######### {8.12} H Round dollars to two places, $#### {9.03) Beginning Inventory. Finished Goods Production Costs Materials Figurines: Beginning Inventory Purchased Available for Use Ending Inventory of Figurines Figurines Used In Production Electrical Parts Beginning Inventory Purchased Available for Use Ending Inventory of Electrical Parts Electrical Parts Used In Production Lamp Shades Lamp Shades Used In Production Total Materials Labor Overhea Cost of Goods Available Less Ending Inventory, Finished Goods Cost of Goods Sold Introduction FAO 1 2 19.05) 19.06) 19.07] (9.08) 19.09) 19.10) 19.11 19.12) 19 20 10 11 18 3 5 6 | 7 7 Budgeted Income Statement Sales Cost of Goods Sold Gross Profit Selling Expenses & Admin Expenses Net Operating Income |{10.01) 29 30 31 8 Cash Budget 32 33 Assume actual cash receipts and disbursements will follow the pattern below: (Note: Receivables and 40 Payables of 12/31/x1 will have a cash impact in 20x2.) 42 1. 24.00% of sales for the year are made in November and December. Since our customers have 60 day terms 43 those funds will be collected be collected in January and February 44 2 85.00% of material purchases will be paid during the year, the remaining portion will be paid in Januay or February 51 3. All other manufacturing and operating costs are paid for when incurred. 52 4. The budgeted depreciation expense is equal to 0.6% of the fixed manufacturing, selling and administrative expenses 53 5. Minimum Cash Balance needed for 20x2. $160,000 54 I See The Light 55 Projected Cash Budget 62 For the Year Ending December 31, 20x2 G H BC D E F 1 See The Light Projected Cash Budget For the Year Ending December 31, 20x2 Round dollars to two places. $##.## Beginning Cash Balance Cash Inflows Sales Collections: Account Receivable (Sales last year not collected) Sales made and collected in 20x2 Cash Available |{10.02) {10.03) |(10.04) {10.05) 5 6 7 38 35 96 97 98 99 106 Cash Outflows Purchases Accounts Payable (Purchases last year) Material purchases made and paid for in 20x2 Other Manufacturing Costs Direct Labor Total Manufacturing Overhead Selling and Administrative Less: Depreciation Total Cash Outflows (10.06) (10.07) (1008) 18 Budgeted Cash Balance before financing Introduction FAQ 10 19 20 8 6 2 3 {10.06) Selling and Administrative Less: Depreciation Total Cash Outflows (10.07) (10.08) Budgeted Cash Balance before financing Needed Minimum Balance {10.09) Amount to be borrowed (if any) |{10.10) Budgeted Cash Balance 20x2 Cost Rounded to 7 Decimal Places 9 Variable Cost of making one unit next year - used to calculate the Ending Inventory of Finished Goods Material cost per unit Labor Cost Per Lamp Variable Factory overhead per unit [11.01) Total variable manufacturing cost of one unit 20x2 Cost Rounded 20x2 Cost Rounded to 2 Decimal Places 10 Budgeted Operating Income Using Variable (Direct) Costing Sales [11.02 11.03 Variable Cost of Goods Sold Assume FIFO (First-In, First-Out) Beginning Inventory, Finished Goods (Variable Costing) Production Costs: Materials: Figurines Electrical Parts Lamp Shades Labor Variable Overhead: Total Variable Production Costs Cost of Goods Available For Sale Less: Ending Inventory. Finished Goods (Variable Costing) Variable Cost of Goods Sold Variable Selling (Round to two places, Se##) Variable Administrative (Round to two places $## ## Total Variable Costs Contribution Margin Fixed Costs Fixed Manufacturing Overhead Fixed Selling 6 Introduction FAQ 27 28 29 30 32 33 34 35 36 38 39 40 41 42 [11.04 [11.05 (11.06 [1107) 11 18 20 10 19 4 7 8 9 G {11.07 Contribution Margin Fixed Costs: Fixed Manufacturing Overhead Fixed Selling Fixed Administrative Total Fixed Operating Income, Variable Costing (11.08) (11.09) Operating Income, Absorption Operating Income Variable Costing Excess (Absorption Costing Operating Income - Variable Costing Operating Income) [11.10) Budgeted Fixed Overhead Budgeted Number of Units to be produced Budgeted Fixed Cost Per Unit (Round to 7 decimals ######) {11.12) [11 13) Fixed Manufacturing Overhead in the Ending Inventory Fixed Manufacturing Overhead in the Beginning Inventory Increase (Fixed Manufacturing Overhead in the Ending Inventory-Fixed Manufacturing Overhead in the Beginning Inventory) 4 B D E F G H The projected cost of a lamp is calculated based upon the projected increases or decreases to e current costs. The present costs to manufacture one lamp are: 7. Figurines $9.2000000 per lamp 8 Electrical Sets 1.2500000 per lamp 9 Lamp Shade 6.0000000 per lamp Direct Labor: 2.2500000 per lamp (4 lamps/hr.) Variable Overhead 0.2250000 per lamp Fixed Overhead 10.0000000 per lamp (based on normal capacity of 25.000 lamps) 26 Cost per lamp $28.9250000 per lamp 28 32 Expected increases for 20x2 33 When calculating projected increases round to SEVEN decimal places. $0 0000000 34 35 1. Material Costs are expected to increase by 4.50% 2 Labor Costs are expected to increase by 5 50% 40 41 42 43 44 3. Variable Overhead is expected to increase by 3.00% 4. Fixed Overhead is expected to increase to $300.000 48 49 50 51 52 5. Fixed selling expenses are expected to be $27.000 in 20x2. 6. Variable selling expenses (measured on a per lamp basis) are expected to increase by 2.00% 7. Fixed Administrative expenses are expected to increase by $18,000. The total administrative expenses for 20x0 were $41,205.00, when 23.500 units were sold. Use the High-Low method to calculate the total fixed administrative expense 5 7 8. Variable administrative expenses (measured on a per lamp basis) are expected to increase by 4.50% The total administrative expenses for 20x0 were $41.205 00, when 23,500 units were sold. Use the High-Low method to calculate the variable administrative expense per lamp. 3. On the following schedule develop the following figures. 4 75 1- 20x2 Projected Variable Manufacturing Unit Cost of a lamp 2- 20x2 Projected Variable Unit Cost per lamp. 77 78 3- 20x2 Projected Fixed Costs 80